LAGOS (Reuters) – Shares in Ecobank fell 5 percent on Tuesday after the pan-African lender reported a loss for 2016, blaming a recession in Nigeria – its main market – and a strong U.S. currency.

The bank also proposed raising $400 million via a convertible bond issue from shareholders at 6.46 percent above Libor. It said it had received subscriptions from existing shareholders for around $300 million.

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Ecobank, which operates in nearly 40 African nations, reported a loss before tax of $131.3 million for 2016 compared with a loss of $205.2 million a year earlier. [nFWN1HQ0E3]

(Reporting by Chijioke Ohuocha; Editing by Mark Potter)

 

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